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2019 Social Security Tax Increase

Social Security taxes are set to rise again in 2019. The 6.2% Social Security tax is imposed on both employees and employers. The tax will be imposed will rise 3.5% to $132,900 in 2019 , up from $128,400 in 2018 . The $4,500 increase in the wage base results in additional taxes of $279. Note: The 1.45% Medicare tax is imposed on all wages and does not have a limit.

Richard Pon, CPA, CFP                     www.richardponcpa.com

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Richard Pon CPA, CFP